Oil & Gas Refining
Valero books $1.1 bln impairment, may idle California refinery
Valero said it took a $1.1bn pre-tax impairment on its California refineries. It also told state regulators that it would permanently close or restructure the refinery located in Benicia (California) near San Francisco by April 30, 2026. Refiners are facing increasing regulatory and cost pressures, especially in California, which is the biggest gasoline market in the United States. The state's proposed transparency rules and emissions targets have had a significant impact on long-term investments. According to the U.S. Energy Information Administration, Benicia converts 145,000 barrels of crude oil per day into motor fuels. Lane Riggs said that Valero's chief executive,...